Low borrowing rates have contributed to the current increase in property demand. Last year, the interest rate on a 30-year fixed-rate mortgage was as low as 3%. That has significantly changed. The current value is just over 5%.
People who worked from home more frequently as a result of the COVID-19 outbreak because offices were closed. Some have not yet opened, and 100% of workers work from home. In other situations, companies offer hybrid work arrangements that let employees divide their time between the office and the home.
Millions of people were able to migrate thanks to the work-from-home movement. Many relocated to cheaper places inland after leaving pricey coastal cities like New York and San Francisco, where property prices were more than twice the national average.
The second quarter of this year’s fraud levels are covered in CoreLogic’s newly released Mortgage Fraud Brief, which states: “The Mortgage Fraud Risk Index is created from the aggregate of individual loan application fraud risk scores over the preceding quarter.” The research team chose the 15 areas with the highest fraud risk out of the 100 largest core-based statistical areas by population. Based on mortgage application risk, fraud data was collected.
The overall average fraud risk score was 121, down from 140 in the first quarter. Between the two periods, CoreLogic’s model underwent changes, which most likely contributed to this development.
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Miami was by far the city with the highest fraud risk. Its 293 index represented a 24% increase from the first quarter.
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